Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The location-based mobile ad platform is now called PayPal Media Network.
“Just over a year ago I announced to the Where team that we had the incredible opportunity to join the eBay and PayPal family through acquisition by eBay Inc.,” Doyle writes in a statement. “One year later, I’m extremely pleased to announce that the relationship is stronger than ever. So much so that Where Ads, one of North America’s largest, is changing its name and will now be known as PayPal Media Network.”
Doyle says the new name reflects the company’s full integration into the PayPal organization and “cements our place as a critical piece of PayPal’s vision for the future of shopping.”
The name change also marks the launch of a multichannel advertising platform for retailers, Doyle says. The new PayPal Media Network offers advertisers the ability to reach their consumers across all shopping channels—from store to e-commerce to m-commerce—by using such eBay services as eBay.com, comparison shopping engine Shopping.com, bar code scanning app RedLaser, and Milo, a service that searches the inventory of local stores to help consumers find items and compare prices.
Doyle says the new platform will help retailers reach the right audience at the right time and place by tying together data, location and purchase history to deliver relevant and local ads and offers.
For example, retailers can use PayPal Media Network’s tie with RedLaser to send consumers who scan an item offers and discounts and also let them purchase the product in-store, via mobile, or, in the near future, to send the item to someone as a gift, Doyle says.
“We are witnessing a sea change in the way people shop and engage with content across screens and in the physical world,” Doyle says. “A consumer may begin their purchase journey in a store, on a phone, at their desktop, or on a tablet, then engage with the same brand or product across a multitude of different mediums and devices to discover, research, price check, etc. The end of that journey (or purchase) can occur at any one of those same touch points.”
PayPal Media Network will use its relationships to help advertisers drive foot traffic to a retail location via mobile to check out a sale or redeem an offer. It also can reach online consumers deep into research or after they have purchased, when they may be looking for complimentary products or services, Doyle says.
“Through the acquisition by eBay, we have been able to accelerate our innovation at scale and achieve a level of growth in one short year that now enables us to serve inventory across eBay properties,” Doyle says.
Additionally, outside of the eBay ecosystem, Doyle says PayPal Media Network reaches 70 million mobile users in North America through partnerships with ad networks. And, he adds, PayPal Media Network is expanding this reach through direct relationships and technology, and by working with outside platforms, including online bidding and mobile platforms.